Anticipated stability in the crude oil
prices and increasing demand for refined petroleum from developing nations is
expected to drive the market in the future.
The
substantial reason for the growth of the oil downstream activities market from
$2.3 trillion in 2017 to $2.8 trillion by 2021
is that the companies have started adopting the gas to liquid technology
which produce high quality petroleum products. The gas to liquid technology is
the conversion of natural gas to high quality liquid products such as
transportation fuels, motor oils, naphtha, diesel and waxes.
Asia Pacific was the largest region in the
oil downstream activities market in 2017, accounting for more than one-third of
the market share.
The oil downstream activities market is
segmented into refined petroleum products manufacturing and asphalt,
lubricating oil and grease manufacturing segments.
The USA was the largest country in the oil downstream activities
market in 2017, accounting for one-sixth of the market share. The USA’s large
population and high number of industries contributed to the country’s high
consumption of refined petroleum. The USA was followed by China and India.
The top five competitors in the market
made up 32.0% of the total market share in 2017. Royal Dutch Shell was the largest
competitor, followed by Exxon Mobil Corporation, China Petroleum & Chemical
Corporation, BP Plc and Chevron. Royal Dutch Shell is a British–Dutch
multinational oil and gas company headquartered in the Netherlands and
incorporated in the United Kingdom. It is one of the six oil and gas
"supermajors" and the sixth-largest company in the world.
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